Effects of Governance Practices and Investment Strategies on State and Local Government Pension Fund Financial Performance

References

• Useem , M. and Hess , D. 2001 . “ Governance and investments of public pensions ” . In Pensions in the Public Sector Edited by: Mitchell , O.S. and Hustead , E.C. 132 – 152 . Philadelphia , PA : University of Pennsylvania Press .
   Google Scholar
• Mitchell , O.S. and Useem , M. 2000 . Holders of the purse strings: governance and performance of public retirement systems . Social Science Quarterly , 81 ( June ) : 489 – 506 . [CSA]
   Google Scholar
• Mitchell , O.S. and Useem , M. 2000 . Holders of the purse strings: governance and performance of public retirement systems . Social Science Quarterly , 81 ( June ) : 502
   Google Scholar
• Munnell , A.H. and Sunden , A. 2001 . “ Investment practices of state and local pension funds: implications for social security reform ” . In Pensions in the Public Sector Edited by: Mitchell , O.S. and Hustead , E.C. 153 – 194 . Philadelphia , PA : University of Pennsylvania Press .
   Google Scholar
• Mitchell , O.S. and Hsin , P.L. 1997 . “ Public pension governance and performance ” . In The Economics of Pensions: Principles, Policies, and International Experience Edited by: Valdes-Prieto , S. 92 – 123 . New York , NY : Cambridge University Press .
   Google Scholar
• Haugen , R.A. 1997 . Modern Investment Theory, , 4th Ed. 305 – 340 . Upper Saddle River , NJ : Prentice Hall .
   Google Scholar
• Brinson , G.P. , Singer , B.D. and Beebower , G.L. 1991 . Determinants of portfolio performance II: an update . Financial Analysts Journal , : 40 – 48 .
   Google Scholar
• Brinson , G.P. , Hood , L.R. and Beebower , G.L. 1986 . Determinants of portfolio performance . Financial Analysts Journal , : 39 – 44 .
   Google Scholar
• Ibbotson , R.G. and Kaplan , P.D. 2000 . Does asset allocation policy explain 40, 90, or 100 percent of performance? . Financial Analysts Journal , : 26 – 33 .
   Google Scholar
• Ambachtsheer , K.P. 1994 . The economics of pension fund management . Financial Analysts Journal , : 21
   Google Scholar
• Nofsinger , J.R. 1998 . Why investment targeting does not make sense! . Financial Management , 27 ( 3 ) : 89
   Google Scholar
• Useem , M. and Hess , D. 2001 . “ Governance and investments of public pensions ” . In Pensions in the Public Sector Edited by: Mitchell , O.S. and Hustead , E.C. 132 Philadelphia , PA : University of Pennsylvania Press .
   Google Scholar
• Mitchell , O.S. and Useem , M. 2000 . Holders of the purse strings: governance and performance of public retirement systems . Social Science Quarterly , 81 ( June ) : 490
   Google Scholar
• Nofsinger , J.R. 1998 . Why investment targeting does not make sense! . Financial Management , 27 ( 3 ) : 91
   Google Scholar
• Baron , R.M. and Kenny , D.A. 1986 . The moderator–mediator variable distinction in social psychological research: conceptual, strategic, and statistical considerations . Journal of Personality and Social Psychology , 51 ( 6 ) : 1173 – 1182 . [PUBMED] [INFOTRIEVE] [CSA] [CROSSREF]
   PubMed Web of Science ®Google Scholar
• Judd , C.M. and Kenny , D.A. 1981 . Process analysis: estimating mediation in treatment evaluations . Evaluation Review , : 602 – 619 .
   Web of Science ®Google Scholar
• Mitchell , O.S. and Hsin , P.L. 1997 . “ Public pension governance and performance ” . In The Economics of Pensions: Principles, Policies, and International Experience Edited by: Valdes-Prieto , S. 104 New York , NY : Cambridge University Press .
   Google Scholar
• Government Finance Officers Association. 2000 Survey of State and Local Government Employee Retirement Systems Survey Report , Public Pension Coordinating Council: Chicago, IL . 2000, (April); 1
   Google Scholar
• Useem , M. and Hess , D. 2001 . “ Governance and investments of public pensions ” . In Pensions in the Public Sector Edited by: Mitchell , O.S. and Hustead , E.C. 132 – 152 . Philadelphia , PA : University of Pennsylvania Press .
   Google Scholar
• Mitchell , O.S. and Useem , M. 2000 . Holders of the purse strings: governance and performance of public retirement systems . Social Science Quarterly , 81 ( June ) : 489 – 506 . [CSA]
   Google Scholar
• Nofsinger , J.R. 1998 . Why investment targeting does not make sense! . Financial Management , 27 ( 3 ) : 87 – 96 .
   Web of Science ®Google Scholar
• Nofsinger , J.R. 1998 . Why investment targeting does not make sense! . Financial Management , 27 ( 3 ) : 91 – 92 .
   Google Scholar
• The first three indexes were obtained from Ibbotson and Associates’ “1999 Stocks, Bonds, Bills and Inflation Yearbook.” The second three indexes were obtained from the Illinois Municipal Retirement Fund 1998 Comprehensive Annual Financial Report (Available online: http://www.globalfindata.com; Last Accessed 7/12/01). Both of the Wilshire Indexes were obtained from Wilshire and Associates (Available online: http://www.wilshire.com; Last Accessed 7/12/01). Morgan Stanley's EAFE was obtained from Global Find Data (Available online: http://www.globalfindata.com; Last Accessed 7/12/01). The CMT Bill information was obtained from the Federal Reserve (Available online: http://www.fedralreserve.gov; Last Accessed 7/12/01)
   Google Scholar
• Arnott , R.D. 1985 . The pension sponsor's view of asset allocation . Financial Analysts Journal , : 17 – 23 .
   Google Scholar
• Munnell , A.H. and Sunden , A. 2001 . “ Investment practices of state and local pension funds: implications for social security reform ” . In Pensions in the Public Sector Edited by: Mitchell , O.S. and Hustead , E.C. 159 Philadelphia , PA : University of Pennsylvania Press .
   Google Scholar
• Nofsinger , J.R. 1998 . Why investment targeting does not make sense! . Financial Management , 27 ( 3 ) : 93 – 94 .
   Google Scholar
• Mitchell , O.S. and Useem , M. 2000 . Holders of the purse strings: governance and performance of public retirement systems . Social Science Quarterly , 81 ( June ) : 494
   Google Scholar
• Taylor , B. Total Investment Returns to International Stock Portfolios , 1925–1998 . (Available online: http://www.globalfindata.com; Last Accessed 7/12/01)
   Google Scholar
• Haugen , R.A. 1997 . Modern Investment Theory, , 4th Ed. 92 – 151 . Upper Saddle River , NJ : Prentice Hall .
   Google Scholar
• Government Finance Officers Association. 2000 Survey of State and Local Government Employee Retirement Systems Survey Report , Public Pension Coordinating Council: Chicago, IL . 2000, (April); 57
   Google Scholar
• Bailey , J.V. 1997 . “ Investment policy: the missing link ” . In Pension Fund Investment Management Edited by: Fabozzi , F.J. 25 New Hope , PA : Frank J. Fabozzi Associates .
   Google Scholar
• Bailey , J.V. 1997 . “ Investment policy: the missing link ” . In Pension Fund Investment Management Edited by: Fabozzi , F.J. 25 New Hope , PA : Frank J. Fabozzi Associates .
   Google Scholar
• Mitchell , O.S. and Useem , M. 2000 . Holders of the purse strings: governance and performance of public retirement systems . Social Science Quarterly , 81 ( June ) : 497
   Google Scholar
• Mitchell , O.S. and Useem , M. 2000 . Holders of the purse strings: governance and performance of public retirement systems . Social Science Quarterly , 81 ( June ) : 497
   Google Scholar
• Yermack , D. 1996 . Higher market valuation of companies with a small board of directors . Journal of Financial Economics , 40 : 185 – 211 . [CROSSREF]
   Web of Science ®Google Scholar
• Anderson , R.C. , Bates , T.W. , Bizjak , J.M. and Lemmon , M.L. 2000 . Corporate governance and firm diversification . Financial Management , : 19
   Google Scholar
• Nofsinger , J.R. 1998 . Why investment targeting does not make sense! . Financial Management , 27 ( 3 ) : 87 – 96 .
   Web of Science ®Google Scholar
• (#157) Review of the Virginia Retirement System January 1994. (Available online: http://jlarc.state.va.us; Last Accessed 10/22/01)
   Google Scholar
• Hossain , M. , Cahan , S.F. and Adams , M.B. 2000 . The investment opportunity set and the voluntary use of outside directors: New Zealand evidence . Accounting and Business Research , 30 ( 4 ) : 263 – 273 .
   Google Scholar
• Munnell , A.H. and Sunden , A. 2001 . “ Investment practices of state and local pension funds: implications for social security reform ” . In Pensions in the Public Sector Edited by: Mitchell , O.S. and Hustead , E.C. 159 Philadelphia , PA : University of Pennsylvania Press .
   Google Scholar
• Baron , R.M. and Kenny , D.A. 1986 . The moderator–mediator variable distinction in social psychological research: conceptual, strategic, and statistical considerations . Journal of Personality and Social Psychology , 51 ( 6 ) : 1173 – 1182 . [PUBMED] [INFOTRIEVE] [CSA] [CROSSREF]
   PubMed Web of Science ®Google Scholar
• Baron , R.M. and Kenny , D.A. 1986 . The moderator–mediator variable distinction in social psychological research: conceptual, strategic, and statistical considerations . Journal of Personality and Social Psychology , 51 ( 6 ) : 1177
   Google Scholar
• Mackinnon , D.P. Statistical Mediation . (Available online: http://www.public.asu.edu/~davidpm/ripl/mediate.htm; Last Accessed 7/7/01)
   Google Scholar
• Albrecht , W.G. 2001 . Effects of Governance and Investment Strategies on Pension Outcomes . Ph.D. dissertation, Unpublished Southern University . 2001 . pp. 85 – 87 . A complete and detailed listing of data management procedures is also available from the authors upon request
   Google Scholar
• Nofsinger , J.R. 1998 . Why investment targeting does not make sense! . Financial Management , 27 ( 3 ) : 94
   Google Scholar
• Mitchell , O.S. , McCarthy , D. , Wisniewski , S.C. and Zorn , P. 2001 . “ Developments in state and local government pension plans ” . In Pensions in the Public Sector Edited by: Mitchell , O.S. and Hustead , E.C. 30 Philadelphia , PA : University of Pennsylvania Press .
   Google Scholar
• Baron , R.M. and Kenny , D.A. 1986 . The moderator–mediator variable distinction in social psychological research: conceptual, strategic, and statistical considerations . Journal of Personality and Social Psychology , 51 ( 6 ) : 1177
   Google Scholar
• Stone , C.A. 1985 . CINDESE: computing indirect effects and their standard errors . Educational and Psychological Measurement , 45 : 601 – 606 .
   Web of Science ®Google Scholar
• Studenmmund , A.H. 1997 . Using Econometrics: A Practical Guide, , 3rd Ed. Reading , MA : Addison-Wesley .
   Google Scholar
• Mitchell , O.S. and Useem , M. 2000 . Holders of the purse strings: governance and performance of public retirement systems . Social Science Quarterly , 81 ( June ) : 502
   Google Scholar